Question
Easy
A sum invested at 10% p.a. for 2 years becomes ₹ 3,267, when the interest is compounded annually. What will be the simple interest on the same sum at the same rate in 2$\frac{1}{2}$ years ?
1
₹ 625
2
₹650
3
₹675
4
₹700
Question Details
Time to Solve: 12
Exam: CTET
Level/Paper: CTET_P2
Chapter: Finance
Topic: Simple & Compound Interest
Correct Answer
Option C
Explanation
To determine the simple interest on the same sum at the same rate for 2.5 years, we first need to find the principal amount using the information given about compound interest. ### Step 1: Calculate the Principal Amount The formula for compound interest is: \[ A = P \left(1 + \frac{r}{100}\right)^n \] Where: - \( A \) is the amount after \( n \) years, - \( P \) is…Read More
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